Gujarat NRE Coke's Aus arm raises Rs 320 cr

Coking coal producer Gujarat NRE Coke today said its Australian subsidiary Gujarat NRE Australia has raised over Rs 320 crore through institutional placement of shares.

The company has raised 72 million Australian dollars (over Rs 320 crore) through the issue of 100 million fully paid ordinary shares at 72 cents each, Gujarat NRE Coke said in a filing to the Bombay Stock Exchange.

The placement opened on February 16, 2011, and closed on the same day, supported by a wide group of new institutional investors, the filing added.

"The capital raising was supported by a wide group of new and high quality institutional investors, demonstrating the interest in Gujarat NRE Australia and its long-term prospects," Gujarat NRE Coke Chairman Arun Jagatramka said.

The proceeds will be used for funding the company's investment plans and general working capital purposes, the filing said.

Shares of Gujarat NRE Coke were quoting at Rs 51.35 apiece in early trade on the BSE, up 0.20% from the previous close.